Leading floorcovering company Tandus Group Inc which includes Collins & Aikman Floorcoverings Inc. and Subsidiaries, announces its financial results for the first quarter (13 weeks) ended April 30, 2005.
As previously announced, the Company is consolidating its broadloom production from the Santa Ana, California facility to its Truro, Nova Scotia facility (the "facility maximization project"). The Adjusted EBITDA reconciliation at the end of the release highlights the impact of these costs.
First Quarter Results Consolidated net sales for the thirteen weeks ended May 1, 2004 decreased 12.1% to $68.3 million as compared to $77.7 million for the thirteen weeks ended May 1, 2004. Net sales of the Company's floorcovering segment decreased 11.3% to $62.1 million for the thirteen weeks ended April 30, 2005 versus the $70.0 million for the thirteen weeks ended May 1, 2004.
The reduction in sales reflects the floorcovering segment's unusually strong first quarter during fiscal 2004 versus 2005 due to early education orders in the prior period. The current quarter was impacted by lower government and healthcare sales as compared to the previous year. Net sales of the Extrusion segment were $6.2 million for the thirteen weeks ended April 30, 2005 as compared to $7.7 million for the prior year period, reflecting increasing internal usage.
Cost of goods sold was $49.3 million for the thirteen weeks ended April 30, 2005 as compared to $51.4 million in the thirteen weeks ended May 1, 2004. As a percentage of sales, these costs increased to 72.2% from 66.2% for the thirteen weeks ended April 30, 2005 and May 1, 2004, respectively.
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